Galp Energia intends to increase cash flow and dividends as it transforms its strategy to focus on renewables, biofuels and hydrogen, said Andy Brown, chief executive of the Portuguese oil company.
In an interview with Bloomberg, Brown admits that his green commitment will now hinge on government support and consumer demand for low-carbon products, re-emphasizing the idea that Gulp will abandon the exploration and exploration of new oil and gas fields. next year.
At Negócios, on the sidelines of the Web Summit – a technology fair that took place last week in Lisbon – the Portuguese company’s CEO has already announced that it is working on an ambitious plan targeting the lithium industry. “It will be something very, very big,” he promised then.
The company is finalizing the details of the first phase of the project, which will go through partnership agreements with other companies in the sector, but not only from Minas Gerais, and should submit them “in the coming weeks”. For Negotsios, however, Andy Brown is advancing some of the goals of what will become an important part of Gulp’s new life.
“The process starts with mining, then lithium hydroxide is processed, cathodes are produced, and finally a battery manufacturing plant. Portugal has unique natural resources and we have very advanced processing capabilities. Resources need to be pooled. Minas Gerais and manufacturers to create a value chain. And let’s see what part of this chain we can position in Portugal, ”explained Andy Brown.
Bloomberg reports that a new industry developing in Portugal dedicated to lithium research will create jobs and economic well-being for the regions this century.
Galp shares fell in June this year on news that the company plans to invest the same amount of money in low-carbon products as oil in its core business by 2025.
Company improved its outlook for the fourth quarter of this year, building on oil price movements, according to release posted this morning to the Portuguese Securities Market Commission (CMVM).
